FHA Loan Calculator

This calculator applies HUD's tiered FHA mortgage insurance premium (MIP) structure rather than a flat rate (lines 11-44): Upfront MIP is a flat 1.75% of the base loan amount for every loan, financed directly into Total Loan Amount, but Annual MIP is one of seven different rates depending on Loan Term (above versus at-or-below 15 years), whether Base Loan Amount exceeds the 2026 conforming loan limit of $832,750, and the loan-to-value ratio. At the calculator's defaults — a $300,000 home, the FHA-minimum 3.5% down, and a 30-year term — the loan-to-value comes out to 96.5%, landing in the "above 95% LTV" bucket for a 30-year loan under the conforming limit, so Annual MIP runs at 0.55%, not the flat 0.85% figure that was accurate only before a 2023 HUD update. Down Payment has a hard floor: entering anything below 3.5% is silently raised to the FHA minimum before any other calculation runs (line 5), so a 1% entry produces the same $10,500 Down Payment as entering exactly 3.5%.

Monthly MIP is dominated by Home Price: drop it 10% below its default, then raise it 10% above, and the total swing comes to exactly 20% of Monthly MIP, while Interest Rate, Annual Property Tax, and Annual Homeowner's Insurance never move it at all — Monthly MIP is computed purely from the loan balance and the MIP-rate tier, with no dependence on the rate charged or on tax and insurance figures. That tiering also means a ±10% probe on Loan Term at the 30-year default does not change Monthly MIP, because 27 and 33 years are both still in the "above 15 years" bucket — but the tier genuinely does change at the 15-year boundary itself: a flat 15-year loan drops Monthly MIP to $96.50 versus $132.69 at the default 30-year term. This calculator does not model FHA loan limits by county, which can be lower than the national conforming figure used here.